Merdeka joins Lion in Pani JV

LION Selection Group has welcomed Indonesian specialist mining house Merdeka Copper Gold as its new partner in the Pani Joint Venture, after Provident Capital offloaded its 66.6% stake in the long-stalled development for US$55 million.

Merdeka joins Lion in Pani JV Merdeka joins Lion in Pani JV Merdeka joins Lion in Pani JV Merdeka joins Lion in Pani JV Merdeka joins Lion in Pani JV

Pani

Provident is a major shareholder in Merdeka, which it helped found in 2012 to help develop operations such as the 155,000-170,000 ounce per annum Tujuh Bukit oxide heap leach project on East Java.
 
The Melbourne-based Lion says Merdeka's purchase price implies its remaining 33.3% interest is now worth A$39 million, up from $16.9 million, and it will see its pro-forma September net tangible asset per share increase from 29c to 43c as a result of adopting the new valuation.
 
Shares in Lion were 28c at close on October 31, this morning rose almost 22% to 
34c soon after the market opened.
 
Lion has suffered a turbulent exposure to Pani over the years, but investment manager Hedle...

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